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President Barack Obama said there is “no doubt” the government needs new revenue from closing tax “loopholes” and limiting deductions, along with enacting spending cuts, to reduce the federal deficit.

There’s “no reason why we can’t have really strong growth in 2013,” the president said in an interview with CBS television yesterday before the network’s Super Bowl broadcast. He cited a recovering housing industry, strong manufacturing and rising car sales.

Revenue could be raised through an overhaul of the tax code, he said, “and we can do it in a gradual way so that it doesn’t have a huge impact.”

“There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit,” he said. “I don’t think the issue right now is raising rates.”

My question is this, is it ever enough? At what point does a statist say "ok we've taken enough"?

__________________

“They have the guns and therefore we are for peace and for reformation through the ballot. When we have the guns then it will be through the bullet.” - Saul Alinsky, quoting Lenin

“I wanted [Jimmy] Carter in and I wanted [Ford] out,” comedian Chevy Chase would later admit of his mocking Ford impersonation on "Saturday Night Live", “and I figured look, we're reaching millions of people every weekend, why not do it."

President Barack Obama said there is "no doubt" the government needs new revenue from closing tax "loopholes" and limiting deductions, along with enacting spending cuts, to reduce the federal deficit.

There's "no reason why we can't have really strong growth in 2013," the president said in an interview with CBS television yesterday before the network's Super Bowl broadcast. He cited a recovering housing industry, strong manufacturing and rising car sales.

Revenue could be raised through an overhaul of the tax code, he said, "and we can do it in a gradual way so that it doesn't have a huge impact."

"There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit," he said. "I don't think the issue right now is raising rates."

What's the issue? We just raised taxes and he's already talking about raising more taxes. When is it enough?

__________________

“They have the guns and therefore we are for peace and for reformation through the ballot. When we have the guns then it will be through the bullet.” - Saul Alinsky, quoting Lenin

“I wanted [Jimmy] Carter in and I wanted [Ford] out,” comedian Chevy Chase would later admit of his mocking Ford impersonation on "Saturday Night Live", “and I figured look, we're reaching millions of people every weekend, why not do it."

Yeah that sucks down here in FL they start already this year and we are getting less back! I make this year around 18k and I'm full time student work full time and live only with mom! They are giving me back 500$ that sucks! Because of the high taxes

Simplifying the tax code and closing loopholes sounds ok to me but it would depend on what they were. It shouldn't come as a shock to anyone that revenue needs to go up and spending needs to go down, but the revenue part could be done two ways......as the economy improves tax receipts will naturally go up, or tax rates could go up (closing loopholes, limiting deductions, raising rates, etc.).

Quote:

Originally Posted by bimer21

Yeah that sucks down here in FL they start already this year and we are getting less back! I make this year around 18k and I'm full time student work full time and live only with mom! They are giving me back 500$ that sucks! Because of the high taxes

I would be surprised if you are actually paying taxes after it's all said and done, Federally speaking. FL, too, since it's an income tax free state.

I am paying my taxes i work for a company and they take like 14% of my paycheck every time! But the person who perform my taxes said that they are taking more because of the law and they are giving less! Thats not fair

I am paying my taxes i work for a company and they take like 14% of my paycheck every time! But the person who perform my taxes said that they are taking more because of the law and they are giving less! Thats not fair

Why is it not fair? And are you referring to your 2012 taxes? I'm curious to know what taxes went up on a person in the 15% bracket.

Yeah to my income taxes! Because i pay my school from my pocket, and i don't take food coupons from government and my mom has a bad job now wish is making like 13k last year! What you guys thinks about this

Yeah to my income taxes! Because i pay my school from my pocket, and i don't take food coupons from government and my mom has a bad job now wish is making like 13k last year! What you guys thinks about this

I think you're driving the wrong car. No offense. Especially if your mom is struggling like that.

Yeah that sucks down here in FL they start already this year and we are getting less back! I make this year around 18k and I'm full time student work full time and live only with mom! They are giving me back 500$ that sucks! Because of the high taxes

I don't think you understand the concept of refunds. You're getting back $500 because you over paid the Government $500. If you were smart you'd have a refund of $0 because you didn't lend the Government a single interest free penny.

Yes but last year i make 17.5k and i get back 1.2k and this year i make 500$ more and they give me 700$ less and i still working on the same company! And now they are taking 14% of my check and last year they were taking 12.9%, they taking more now!

Yes but last year i make 17.5k and i get back 1.2k and this year i make 500$ more and they give me 700$ less and i still working on the same company! And now they are taking 14% of my check and last year they were taking 12.9%, they taking more now!

Talk to your payroll department because nothing changed for the most part in 2010 and 2011. Until you understand the breakdown don't complain.

Yes but last year i make 17.5k and i get back 1.2k and this year i make 500$ more and they give me 700$ less and i still working on the same company! And now they are taking 14% of my check and last year they were taking 12.9%, they taking more now!

That makes sense, actually. After your exemption (assuming single, 18 or older with no kids) and standard deduction you should be paying around $825 in federal taxes which is 10%. On top of that you pay 4.2% OASDI (Social Security and Medicare).

My question is this, is it ever enough? At what point does a statist say "ok we've taken enough"?

When the budget is balanced. Hasn't that been the main rallying point for the GOP lately? Or is that merely in service as a convenient cudgel to try to implement broader ideological/policy objectives (dismantling the social safety net and social spending)? The GOP's messaging here is very confused and seems to be more tactically driven and reactionary.

If cutting the deficit/debt through spending is Priority One, then they ought to be pleased as punch for large reductions in defense spending now that we're basically out of two immensely expensive long wars (one ill fought for much of it, the other ill-conceived from the start). Propose that and Proirity One suddenly becomes Priority Seven or Eight in order to further plump up our massive defense expenditures/infrastructure/military-industrial comlex (often argued to save jobs in ____ congressional district, just the sort of economic stimulus/support argument the GOP would otherwise decry as socialism). Or how about farm subsidies? Or a range of energy subsidies? Or any other number of programs near and dear to the hearts of the GOP?

Do recall that income taxes are at a rather low level, historically spreaking.